Canara Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. Sri Krishna Stockist & Traders Pvt Ltd due to a default of Rs.579,89,30,157.14 as of 01.01.2025. The account was classified as NPA on 31.08.2017.
Canara Bank, the Financial Creditor, filed a petition under Section 7 of the IBC to initiate CIRP against M/s. Sri Krishna Stockist & Traders Pvt Ltd.
The claimed default amount was Rs.579,89,30,157.14 as on 01.01.2025, and the date of default was 31.08.2017, when the loan account was classified as NPA.
The Corporate Debtor had availed various credit facilities, including working capital, from the Financial Creditor pursuant to a sanction letter dated 19.01.2014.
The loan facilities were secured by a Common Hypothecation Agreement dated 13.02.2014 and a Guarantee Agreement of the same date, guaranteed by Shri Thota Kanna Rao and Smt. Thota Venkata Ramana.
The Financial Creditor initiated proceedings under the SARFAESI Act and issued a demand notice dated 08.11.2017.
…Sign in to view the parties.
The instant Petition…
The physical copy was…
Canara Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. Sri Krishna Stockist & Traders Pvt Ltd due to a default of Rs.579,89,30,157.14 as of 01.01.2025. The account was classified as NPA on 31.08.2017.
Canara Bank, the Financial Creditor, filed a petition under Section 7 of the IBC to initiate CIRP against M/s. Sri Krishna Stockist & Traders Pvt Ltd.
The claimed default amount was Rs.579,89,30,157.14 as on 01.01.2025, and the date of default was 31.08.2017, when the loan account was classified as NPA.
The Corporate Debtor had availed various credit facilities, including working capital, from the Financial Creditor pursuant to a sanction letter dated 19.01.2014.
The loan facilities were secured by a Common Hypothecation Agreement dated 13.02.2014 and a Guarantee Agreement of the same date, guaranteed by Shri Thota Kanna Rao and Smt. Thota Venkata Ramana.
The Financial Creditor initiated proceedings under the SARFAESI Act and issued a demand notice dated 08.11.2017.
…The instant Petition…
The physical copy was…